Exhibit 10.3B
RENEWAL OF LEASE DATED FEBRUARY 5, 1997 BETWEEN XXXXXX
CORPORATION (LANDLORD) AND SEL-LEB MARKETING, INC. (TENANT).
1. THE RENEWAL IS FOR 50,570 SQ FT OF WAREHOUSE AND OFFICE SPACE IN THE
BUILDING KNOWN AS 000 XXXXX XXXXXX, XXXXXXXX, XX, ALSO KNOWN AS BLOCK
C0450 XXX 0 XX XXX XXX XXX XX XXX XXXX OF PATERSON,
2. THE INITIAL RENEWAL PERIOD IS FOR 24 MONTHS FROM APRIL 1, 2002 TO
MARCH 31, 2004.
3. THE GROSS MONTHLY RENTAL AND REIMBURSEMENT OF TAXES WILL BE AS FOLLOWS:
APRIL 1, 2002 TO MARCH 31, 2004 $24,863,58 PER MONTH
(Twenty Four Thousand Eight Hundred Sixty Three Dollars and 58 Cents
monthly, Two Hundred Ninety Eight Thousand Three Hundred Sixty Three
Dollars annually for 2 years, $4.75/sq ft plus $1.15 for taxes).
4. THERE WILL BE 3 (THREE) ONE-YEAR OPTIONS TO RENEW AT THE FOLLOWING RATES:
a.) APRIL 1, 2004 TO MARCH 31, 2005 $25,285.00 PER MONTH
(Twenty Five Thousand Two Hundred Eight Five Dollars monthly, Three
Hundred Three Thousand Four Hundred Twenty Dollars annually,
S4.85/sq ft plus $1.15 for taxes).
b.) APRIL 1, 200 5 TO MARCH 31, 2006 $25,706.41 PER MONTH
(Twenty Five Thousand Seven Hundred Six dollars and 41 Cents
monthly, Three Hundred Eight thousand Four Hundred Seventy Seven
dollars annually, $4.95/sq ft plus $1.15 for taxes)
c.) APRIL 1, 2006 TO MARCH 31, 2007 $26,127.83 PER MONTH
(Twenty Six Thousand One Hundred Twenty Seven Dollars and 83 Cents
monthly, Three Hundred Thirteen Thousand Five Hundred Thirty Four
Dollars annually, $5.05/sq ft plus $1.15 for taxes).
5. ALL TERMS AND CONDITIONS APPLICABLE TO THE INITIAL LEASE TERM SHALL ALSO
PREVAIL DURING THIS RENEWAL LEASE TERM EXCEPT FOR THE FIXED MONTHLY BASE
RENTAL FOR THE RENEWAL LEASE TERM.
6. ADDITIONAL CONDITIONS:
a.) Tenant shall have the right to sublet a portion of the warehouse
space and shall be permitted to make improvements so as to
accommodate said potential. sublease.
b.) Landlord agrees to pay for reasonable advertising and marketing
costs to accomplish said sublet.
c.) Real Estate Brokerage Commission to be paid Annually, in advance,
upon activation of the LEASE each year.
7. LANDLORD WILL AGREE TO:
A. PAINT AND RE-CARPET EXISTING OFFICES (FIRST & SECOND FLOORS)
B. REPAIR AND SEAL THE MAJOR CRACKS AND. HOLES IN WAREHOUSE FLOOR.
C. EXISTING MECHANICAL SYSTEMS SHALL BE PLACED IN GOOD WORKING ORDER.
LEASE RENEWAL BETWEEN XXXXXX CORPORATION
AND SEL-LEB MARKETING, INC. Page 2 of 3
IN WITNESS WHEREOF, the parties hereto have hereunto set their hand and seals,
or caused these present to be signed by their Corporate officers and proper
corporate Seal to be hereto affixed, this 29 day of January 2002.
WITNESS: XXXXXX CORPORATION
/s/ Xxxxx X. Xxxxxxxx BY: /s/ Xxxx X. Xxxxxxx
------------------------------------ --------------------------------
Xxxx X. Xxxxxxx
ATTEST: SEL-LEB MARKETING, INC.
/s/ Xxxxx X. Xxxxxxxx BY: /s/ X. Xxxxxx
------------------------------------ --------------------------------
XXXXX X. XXXXXXXX
NOTARY PUBLIC OF NEW JERSEY
My Commission Expires Oct. 20, 2002
LEASE RENEWAL BETWEEN XXXXXX CORPORATION
AND SEL-LEB MARKETING, INC. PAGE 3 OF 3
ADDENDUM TO LEASE RENEWAL DATED 1/29/02
BETWEEN XXXXXX CORPORATION AND SEL-LEB MARKETING, INC.
XXXXXX CORPORATION WILL COMPLETE ALL THE NECESSARY REPAIRS REQUESTED BY TENANT
WITHIN 60 DAYS FROM THE SIGNING OF THIS LEASE.
XXXXXX AGREES TO ASSIGN ALL OF IT'S PUBLIC WAREHOUSING BUSINESS TO TENANT
PROVIDING TENANT PROVIDES THE SAME SERVICE XXXXXX IS PAYING FOR AT PORT JERSEY
WAREHOUSE. XXXXXX HAS PROVIDED TENANT WITH COMPLETE BILLING FROM PORT JERSEY
WAREHOUSE AND THEIR RATE SCHEDULE. XXXXXX WILL PAY TENANT THE SAME PRICE FOR
THESE SERVICES.
BOTH PARTIES AGREE TO ENTER INTO A 24 MONTH AGREEMENT, NON CANCELABLE BY EITHER
PARTY.
XXXXXX AGREES TO PAY TENANT A MINIMUM CHARGE OF $3,500.00 PER MONTH IF ACTUAL
BILLING IS LESS.
IN WITNESS WHEREOF, the parties hereto hereunto set their hand and seals, or
caused these present to be signed by their Corporate officers and proper
corporate Seal to be hereto affixed, this 29th day of January 2002.
WITNESS: XXXXXX CORPORATION
/s/ Xxxxx X. Xxxxxxxx BY: /s/ Xxxx X. Xxxxxxx
------------------------------------ --------------------------------
Xxxx X. Xxxxxxx
ATTEST: SEL-LEB MARKETING, INC.
/s/ Xxxxx X. Xxxxxxxx BY: /s/ X. Xxxxxx
------------------------------------ --------------------------------
XXXXX X. XXXXXXXX
NOTARY PUBLIC OF NEW JERSEY
My Commission Expires Oct. 20, 2002
